Category Archives: Loan Tips

Unemployment Loans For Those Hurt By The Financial Crisis

June 5, 2020   Loan Tips

Are you among the thousands that are now unemployed because of the financial crisis or other reasons? If so, you are not alone. There have been hundreds of big companies that have either gone under or downsized the number of employees that they retain due to the financial crisis that is affecting the entire globe.

Finding a suitable job in the job market that is lying in ruins from a failing economy is often tough, and for those that qualify for unemployment compensation – the amount is often too small to meet your needs. You need money now to help you through the hard months ahead, and an unemployment loan can provide the needed cash that can keep you from losing your home or defaulting on other debts, as well as provide money for you to live on and paying living expenses during your search for a new job.

Getting The Money You Need Now

An unemployment loan is usually a secured loan. Most borrowers of unemployment loans place their home or automobile up for collateral to secure the loan. Doing so will undoubtedly make the rate of interest that you are charged for your unemployment loan lower than taking out the unsecured version of this type of loan. However, for those borrowers who do not wish to risk losing their home or other property, unsecured unemployment loans are also available. You will pay higher interest, but you will not be putting your property on the line if you should be unable to repay the lender.

To improve your chances of receiving an unsecured unemployment loan, you may be asked to apply alongside a cosigner who has good credit and is willing to stand good for the payment if you do not fulfill the terms of your loan agreement. Having a cosigner is not always necessary, however, but is a good idea to make sure that you are approved.

Get Approved For Up To $25,000 Today

You can ask for any amount that you need when you take out your unemployment loan. A good idea to determine the amount you need is to make a budget of basic living expenses for a six month period – and then add a padding of 25%. This will ensure that you have enough money to last you at least for necessities until you can get another job. Most unemployment loans begin at around $2000 and go up to $25,000 or more, depending on your credit history and anticipated ability to repay the lender. Be certain to borrow only what you truly need as this is a debt that will be facing you when you return to work. You do not want to overextend yourself by adding on more debt that you can repay comfortably.

With most lenders, you can defer payment for several months on your unemployment loan. However, if at all possible, begin repaying the lender immediately. This will reduce the amount of time that you take paying off your unemployment loan, and also cost you less in interest charges.

Online Savings On Unemployment Loans

Online lenders typically offer great rates on unemployment loans due to stiff competition on the Internet between financial institutions and banks. Further, you will be able to apply from the privacy and comfort of your own home and receive your money electronically delivered in minutes to your bank account.

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To Buy or To Rent Sydney Office Space? – Five considerations to help you decide

June 2, 2020   Loan Tips

Despite the economic downturn, the Sydney commercial property sector is still looking healthy. As Australia looks poised to come out of the financial slump strong, businesses are taking advantage of current depressed property and rental prices and looking towards the future.

The option of buying or leasing commercial property is certainly something that many small businesses will consider. The decision is something that will come to greatly affect the business in the long run and there are many questions to ask. The individual needs of your business will ultimately determine the best option for you, but here are a number of things that every small business should think about:

Upfront Costs: For some businesses, the most limiting factor to buying office space is the large upfront costs. Down payment on typical Sydney real estate is usually about 25%-30% of the total cost, in addition to fees, inspections and other expenditure. However, if you’re in a position where you can afford to, purchasing a commercial property can pay off in the long run and greatly reduce your future overheads.

Variability: Obviously, one of the most attractive incentives for buying is knowing more accurately the costs you will incur for a certain amount of time. Leasing leaves many businesses vulnerable to the whims of the property sector with some leases pegging rental prices to the Consumer Price Index. However, many areas, such as Grade A office spaces in Sydney CBD, experience much less market fluctuation. Consider the variability of the area and grade of the property you’re looking at.

Appreciation: If you decide to purchase commercial space, you’re adding a valuable asset to your business with the potential for appreciation. Of course, this means you’ll need to do some heavy research to find a property that has good potential and will suit your business’s needs.

Depreciation: With appreciation, comes depreciation and tax considerations. Costs incurred from repairs and renovations to tenanted property are handled differently than private property. Lease holders can claim improvements immediately while owners may be required to depreciate their expenses over time.

Potential Growth: Finding a space that suits your business is very exciting, but what about the future? For many newer businesses, leasing could be the preferred option as it allows them to expand their more readily and with fewer limitations. Keep in mind that if you do outgrow your space, you can always lease the premises to help with the cashflow. Or you can consider initially purchasing a larger space and leasing part of the premises to another business to help cover some of the overheads.

These are just some of the many considerations that will help you decide if buying or renting is right for your business. An attorney or financial consultant will also be able to provide more information that is more specific to your business needs.

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